Bank Reconciliation

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Bank Reconciliation:

Orion’s Bank Reconciliation program enables you to ensure that everything that flows through your bank account also flows through the Orion System. The two main steps to the Bank Reconciliation Program are:

  1. Enter transactions that appear on your bank statement, but not in Orion. 
  2. Clear all transactions in the Bank Reconciliation file that have cleared the bank.

Reconciling Bank Accounts – The goal of reconciling bank accounts is to have the “Difference” field equal $0.00 (then and only then will you be able to clear the reconciled items).

To Reconcile Bank Accounts:

1.  From the button bar, click Action and select Bank Reconciliation (the system will default to the bank account set up as the “default” bank). You can also right-click on the Bank from the “Banks” section of the AP Manager Screen. The following screen appears:

Bank Reconciliation.jpg

2.  Enter the following information from your bank statement:

Statement Closing Date

Beginning Balance

Ending Balance

Click OK

3.  Clear items by placing a check mark next to each item that has cleared the Bank (do this for both Checks and Other Debits and Deposits and Other Credits sections of the screen). As the items are cleared, Orion keeps a running total of cleared debits and credits. After clearing the items, the Difference field should equal $0.00. (If it does not, go back through things to identify what may have been missed or what may have not been entered.)

Clearing Reconciled Entries

After reconciling the bank account, you will want to print the Cleared/Uncleared Report (it is recommended that you at least save a copy of the cleared can also keep a copy of uncleared).  After printing the report(s), click "Clear Reconciled Items" box at the top of the Bank Rec screen.

If you are sure you are ready to clear the items click Yes. Click No if you are not ready to clear them. Upon clearing the reconciled items, the ending balance will automatically be moved to the beginning balance box in preparation for the next month's reconciliation.

SN: The clear reconciled items button will only be active (accessible) if the Difference field equals $0.00.  Clicking this button will remove all checked transactions from the list.  The system will prompt you to confirm as this is irreversible.

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